Table of Contents Our Strategic Building Blocks 2004 Financial Highlights Operating Company Overviews Letter to Shareholders Leadership Defined    Inspiration    Motivation    Trust    Passion    Vision    Innovation Corporate Responsibility Financial Review 2004   Management’s Discussion and Analysis...   Report of Management Responsibilities   Report of Independent Registered...   Consolidated Statements of Earnings   Consolidated Balance Sheets   Consolidated Statements of Changes...   Consolidated Statements of Cash Flows   Notes to Consolidated Financial Statements   Five-Year Financial Summary Shareholder Information Board of Directors Corporate Officers
Financial Review 2004 Consolidated Balance Sheets (In thousands)   May 30, 2004     May 25, 2003   ASSETS Current assets:     Cash and cash equivalents       $ 36,694            $ 48,630          Receivables   30,258     29,023       Inventories   198,781     173,644       Prepaid expenses and other current assets   25,316     25,126       Deferred income taxes   55,258     49,206           Total current assets $ 346,307   $ 325,629   Land, buildings, and equipment   2,250,616     2,157,132   Other assets   183,425     181,872           Total assets $ 2,780,348   $ 2,664,633   LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:     Accounts payable $ 174,624   $ 175,991       Short-term debt   14,500     –       Accrued payroll   103,327     85,975       Accrued income taxes   48,753     67,975       Other accrued taxes   38,440     35,069       Unearned revenues   75,513     72,698       Other current liabilities   228,324     202,201           Total current liabilities $ 683,481   $ 639,909   Long-term debt   653,349     658,086   Deferred income taxes   176,216     150,537   Other liabilities   21,532     19,910           Total liabilities $ 1,534,578   $ 1,468,442   Stockholders' equity:     Common stock and surplus, no par value. Authorized         500,000 shares; issued 264,907 and 261,463 shares,         respectively; outstanding 158,431 and 164,950 shares, respectively $ 1,584,115   $ 1,525,957       Preferred stock, no par value. Authorized 25,000 shares;         none issued and outstanding   –     –       Retained earnings   1,197,921     979,443       Treasury stock, 106,476 and 96,513 shares, at cost, respectively   (1,483,768 )   (1,254,293 )     Accumulated other comprehensive income (loss)   (9,959 )   (10,489 )     Unearned compensation   (41,401 )   (42,848 )     Officer notes receivable   (1,138 )   (1,579 )         Total stockholders' equity $ 1,245,770   $ 1,196,191           Total liabilities and stockholders' equity $ 2,780,348   $ 2,664,633   See accompanying notes to consolidated financial statements.